Nifty Below 22,600 Zone; OMC Stocks Eye Crude

Nifty took resistance near 22,792 on Friday and dipped to 22,380, below the 22,440 level flagged earlier, before recovering to settle near 22,520. It now trades below the 22,600-22,645 zone. RSI at 43.55 sits below the midline but has stopped falling. GIFT Nifty is flat, and crude is slightly lower as of this writing after trading higher last week. Resistance: 22,792-22,800 / 23,000. Pivot cluster: 22,645-22,600. Support: 22,380 / 22,170. Sustaining above 22,600-22,645 could give the index room towards 22,800, while a move below 22,380 could bring further downside. Oil marketing companies, since volatile crude can swing their marketing margins.

, HPCL and Indian Oil are the main listed names. Brent was near $117 last week, close to its March high around $120, so how crude behaves from here will matter for the group. When an input like crude is volatile, sector stocks tied to it can move independently of the index, so the commodity chart is worth tracking alongside. Disclaimer:This is for educational purposes only and is not investment advice. Please consult your financial advisor before making any investment decisions. SEBI Registered Research Analyst — INH000025212.